Common use of Maturity Date of Fixed Advances Clause in Contracts

Maturity Date of Fixed Advances. Subject to the terms of Section 1.03(c), Borrower may request a Fixed Advance at the Initial Closing Date. The maturity date of any Fixed Advance made at the Initial Closing Date shall be ten (10) years. The maturity date for any Fixed Advance made in connection with a conversion pursuant to Section 1.06 shall be specified by Borrower for such Fixed Advance, provided that such maturity date shall be no earlier than the date that is the first day of the month following the date five (5) years after the Closing Date of such Fixed Advance and not later than the first day of the month following the date ten (10) years after the Closing Date of such Fixed Advance, provided that the maturity date of any Fixed Advance shall not be later than the first day of the month following the date ten (10) years after the Initial Closing Date.

Maturity Date of Fixed Advances. Subject to the terms and conditions of Section 1.03(c)1.10, Borrower may request a Fixed Advance at the Initial Closing Date. The maturity date of any each Fixed Advance made at the Initial Closing Date shall be ten (10) years. The maturity date for any Fixed Advance made in connection with a conversion pursuant to Section 1.06 shall be specified by Borrower in the Advance Request for such Fixed Advance, provided that such maturity date shall be no earlier than the date that is the first day of the month following the date five (5) years after the Closing Date of such Fixed Advance and not no later than the first day of the month following the date ten (10) years after the Closing Date of such Fixed Advance, provided that the no maturity date of any Fixed Advance shall not be later than the date that is the first day of the month following the date ten fifteen (1015) years after the Initial Closing Date. The term of the Fixed Advance made on the Initial Closing Date shall be seven (7) years.